Geothermal firm EDC sees 84% jump in net income in 2012

The Energy Development Corporation (EDC) saw an 84-percent increase in its income in 2012 to P9.89 billion from P5.24 billion in 2011. In a statement, EDC president and chief operating officer Richard Tantoco attributed the company's performance to the rehabilitation of some of its power plants. “Our significant investments in the rehabilitation of our recent power plant acquisitions drove the Company’s growth in net income in 2012. Our patient efforts are finally bearing fruit," he said. Full-year electricity sales rose by 16 percent to P28.4 billion from the P24.5 billion the year before. “Higher contracted revenues by wholly owned subsidiary Green Core Geothermal, Inc. (GCGI) and ancillary service sales of First Gen Hydro Power Corp. (FGHPC) were the main sources for significant increase,” said Tantoco. Last week, EDC also announced the release of P1.5 billion in dividends at P0.08 per share in favor of preferred shareholders of record as of March 11, 2013. The board also approved a cash dividend of P0.08 per share on common shares in favor of common stockholders of record as of March 11, payable on or before April 8. EDC was the geothermal subsidiary of the Philippine National Oil Company until it was fully privatized and acquired by the Lopez-controlled First Philippine Holdings Corporation. It accounts for more than 60 percent of the country's installed geothermal capacity and is the world's second largest geothermal company — BM, GMA News